All Forum Posts by: Michael Key

Usually, my wife @JorDanee Key draws the straw, but I would like to attempt to attend. One of us will. We're new to the area and haven't found a baby sitter yet, so usually just one of us. ;)

Being on the ground now, most of the land subdividing is going to be west of Boise, Meridian, Nampa, Caldwell. These three other cities are blending into each other, forming a Boise metro area. The expansion is heading west also towards Caldwell which is the furthest out. But there are no signs of a slowdown in population growth. But the market is tough and competitive. CA investors are coming here in droves. Not surprising, as there is a housing shortage overall and a 2.8% vacancy rate. There is a lot of new construction taking place in Meridian, so it's hard to know when supply will match demand or out pace. I haven't made those connections personally yet.

It does seem to be a bit of a sellers market right now, so hunting deals is tougher. You're not finding them on the MLS. You'll have to make connections on the ground to locate them. But there are distressed properties. It's just that people are saking nutty prices for them. And the margins are narrow.

If you do come to Boise, there are several investor groups that meet regularly. 

Honor your agreement. And next time, don't give a discount. I bet she would of paid the $100 with the yard looking the way it is. When you give someone an inch, it's very difficult to take it back.

Interesting, I researched Spokane and avoided it because it looked like an area that was economically in decline with the state being the single largest employer in the area. Median income also seemed to suggest a mostly blue-collar workforce with high unemployment. Was I wrong in my assessment? 

We started investing in Boise, but Spokane is so close too, and housing prices were very appealing.

Our unit we just started fixing up has mostly all broken black window blinds. I planned on replacing them here after we get new vinyl windows installed. Just thought I'd ask more seasoned landlords and investors if they have any recommendations on style and material blinds that tend to hold up over time and are mostly bomb proof from tenants.

I figure that plastic blinds are probably most prone to breakage. Just wondering if it's worth the cost for something better.

Thanks, that makes sense. Both our agent and my CPA had mentioned we'd qualify the exemption since we will only own the one property ATM.

We're not "yet" residents of Idaho (awaiting closing now) and I was slightly confused and worried about calling this a second or primary home while still technically being residents of Florida. 

I didn't see it as an investment since we planned on living there first.

Just based on your numbers above, $400 vs $600 and 63k pay off, could you do both? Rather than pay off completely, halve the mortgage so that it can be paid off by retirement. Then use the other half to purchase another property. You'll reduce leverage, boost cash flow (by not as much) and acquire another property.

I have a unique situation. And it seems difficult for insurance companies to wrap their heads around it, but I've been told it's very common in places like DC and San Fran.

My W2 company is located in Florida, I'm in the hotel industry. And travel, A LOT. Mostly out west. We are buying a SFH in Boise, Idaho, which we'll be in for half the year. But our primary residence will be in Florida. Except, that we don't own a home in Florida. We rent.

So, the confusion seems to be whether our home is a second home or a vacation home. And we're getting rates all over the place and most are worse than if it was our primary residence.

Advice or suggestions on what to look/ask for would be helpful. 

Time is not money. It's a resource, and once it's gone you can't get it back. Where is your time best spent?

 
It follows the same logic; but I think it makes determining easier.

First, welcome to BP!

Might want to research and read up on self-directed IRA for REI.

But as for your goals outside of "wealth creation"; they don't appear to be very specific. This might be presumptuous of me; but with your background, you shouldn't need 5 yrs to get in the game. If you can save 50% of your income now, you can probably start purchasing property in the next 12 months. But that depends on your goals and objectives.